Answer to Question #107466 in Economics for Migo

Question

During a five-year period, the ticket sales of a city’s professional basketball team have increased 30 percent at the same time that average ticket prices have risen by 50 percent. Do these changes imply an upward-sloping demand curve? Explain

Answer 1

No, the demand curve is downward sloping. But in this case there is a shift of the demand curve to the right, and it is caused by non-price factors (more fans).